Singapore Exchange Regulation (SGX RegCo) has suspended trading in PJSC Gazprom GDR as the Russian government is the ultimate controlling party of the Russian natural gas company, the exchange announced Monday.
On 5 March, Singapore’s Ministry of Foreign Affairs announced the government would take financial measures against Russia, including prohibitions against entering into transactions or arrangements, or providing financial services to facilitate fund-raising by entities owned or controlled by Russia’s government, SGX RegCo noted in its statement.
The prohibitions apply to trading new securities, providing financial services to facilitate new fundraising and participating in any new loan to those entities, the statement said.
“To ensure that the market is fair, orderly, and transparent, and the exchange does not act contrary to the interests of the investing public, the exchange will suspend the admission to trading of the PJSC Gazprom GDR,” SGX RegCo said.
Singapore’s Ministry of Foreign Affairs has said the invasion of Ukraine is a “clear and gross violation of international law,” and the restrictions are aimed at limiting Russia’s ability to conduct the war against Ukraine.